NWM

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Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or
by calling the transfer agent at 1-888-331-9609. The prospectus should be read carefully before investing.

Past performance does not guarantee future results. Performance data quoted represents past performance. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth
more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the transfer agent at 1-888-331-9609.

Total Annual Fund Operating Expenses 1.66%. The Fund imposes a redemption fee of 2.00% of the total redemption amount (calculated at market value) if you sell or exchange your shares after holding them for 90 days or less.

The risks associated with the Fund, detailed in the Prospectus, include the risks of investing in exchange traded funds (ETFs) and exchange traded notes (ETNs). The Fund may invest in ETFs and ETNs that carry the following risks: general
market risks, fixed income securities risks, equity securities risks, real estate investment trusts (“REITs”) risks, commodity risks, the risks of small and medium sized companies and foreign and emerging markets which may result in additional
risks such as the possibility of greater price volatility and reduced liquidity, fluctuations in currency exchange rates, and political, diplomatic and economic conditions as well as regulatory requirements in foreign countries. ETNs may
drop in value due to a downgrade in the issuer’s credit rating and the possibility of default by the party issuing the ETN. There also may be risks associated with the Fund’s investment in a specific sector, and non-diversification. The
Fund may also engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. Distributed by Rafferty Capital Markets, LLC ­ Garden City, NY 11530.